明月镜片（301101.SZ）2025 年三季报点评 核心大单品放量引领增长，新业务新产品持续推进 2025 年 10 月 28 日 ➢ 事件：明月镜片披露 25Q3 财报，25Q3 公司实现收入 2.27 亿元，同比 +14.59%；实现归母净利润 0.54 亿元，同比+11.56%；实现扣非归母利润 0.48 亿元，同比+13.55%。 ➢ 产品聚焦，常规镜片大单品放量引领增长，发布高端"天玑"系列持续完善 产品矩阵。根据公司财报，受益于公司产品聚焦策略，公司旗下核心大单品依然 保持较好增长态势，25Q3PMC 超亮系列同比+53.7%，1.71 系列同比+13.7%， 三大明星单品占常规镜片收入比例为 56.3%。25Q3 公司首发天玑系列，天玑系 列深度契合中国消费者需求，联合德国顶尖实验室完成精准的光学设计，并采用 前沿技术升级视觉体验，拉高国产高端镜片品质标准，彰显了国产镜片品牌向高 端化突破的实力，进一步夯实其在高端镜片研发领域的技术壁垒。 ➢ "轻松控"系列携手郭晶晶代言，全面合作爱尔眼科，夯实专业心智。品牌 宣传方面，暑期"轻松控"系列携手品牌代言人郭晶晶，在北京、上海、广州等 全国七大核心 ...

Investment Rating - The report maintains a "Buy" rating for the company, expecting a relative increase of over 20% against the market benchmark index within the next six months [6][22]. Core Insights - The company has demonstrated strong resilience in the face of challenges, achieving a revenue of 626 million yuan for the first three quarters of 2025, a year-on-year increase of 7.39%, and a net profit of 149 million yuan, up 8.83% year-on-year [3][4]. - The focus on high-end product upgrades and the successful launch of AI glasses have contributed to the company's growth trajectory, with significant revenue increases from key product lines [4][5]. - The company has established a strategic partnership with a leading domestic ophthalmology institution, enhancing its sales channels for specialized products [5]. Financial Performance - For Q3 2025, the company reported a revenue of 227 million yuan, reflecting a year-on-year growth of 14.59%, and a net profit of 53.59 million yuan, up 11.56% year-on-year [3][4]. - The gross margin for the first three quarters of 2025 was 58%, with a net margin of 23.8%, indicating stable profitability despite increased R&D investments [5][6]. - The company has projected net profits of 206 million yuan, 230 million yuan, and 270 million yuan for 2025, 2026, and 2027 respectively, with year-on-year growth rates of 16%, 12%, and 17% [6][8]. Product and Market Strategy - The company continues to focus on high-refractive index products, which have shown rapid growth, significantly enhancing product structure and profitability [4][5]. - The introduction of the new high-end Tianji series further solidifies the company's technological barriers in the high-end lens development sector [4]. - The AI glasses business has begun generating revenue, with cumulative income of 6.51 million yuan and a gross margin of 78.6% as of September 30, 2025 [5]. Future Outlook - The company is expected to benefit from ongoing product upgrades and the expansion of new business lines, including AI glasses and medical channels, which are anticipated to drive future growth [6][8]. - The projected revenue growth rates for the upcoming years are 11% for 2025, 11% for 2026, and 9% for 2027, indicating a stable growth outlook [8].